Group 1 - Zhou Liu Fu Jewellery Co., Ltd. successfully completed its initial public offering on June 26, 2025, raising approximately HKD 1.292 billion prior to the exercise of the over-allotment option [2][4] - The company has a nationwide sales network with a total of 4,129 stores as of December 31, 2024, covering 31 provinces and 305 prefecture-level cities in China, along with four franchise stores overseas [5][6] - Zhou Liu Fu has maintained its position as one of the top five brands in the Chinese jewelry market for eight consecutive years from 2017 to 2024, based on the number of stores [5][6] Group 2 - In the year ending December 31, 2024, Zhou Liu Fu ranked sixth and tenth among all gold jewelry companies in China in terms of gross merchandise value and revenue from gold jewelry products, respectively [5][6] - Zhong Lun Law Firm provided comprehensive legal services for Zhou Liu Fu's listing process, which was highly recognized by the client and stakeholders [3][4]

Core Viewpoint - Zhou Liufu successfully listed on the Hong Kong Stock Exchange on June 26, 2023, after a six-year journey, achieving over 700 times subscription and a market capitalization exceeding HKD 10.1 billion, with a first-day surge of 25% to reach HKD 13 billion [1] Group 1: Company Background - Zhou Liufu is a local brand that grew from the Shenzhen Shui Bei International Jewelry Trading Center, founded in 2004 by Li Weipeng [3] - The company operates through a franchise model, leveraging supplier resources from Shui Bei for rapid expansion, and ranks among the top five jewelry brands in China by store count [3] - Zhou Liufu was the only unlisted company among the top five brands, which include Chow Tai Fook, Lao Feng Xiang, Zhou Da Sheng, and China Gold [3] Group 2: IPO Journey - Zhou Liufu attempted to list on the Shenzhen Stock Exchange three times but faced setbacks due to investigations and doubts about its business model, leading to the withdrawal of its A-share application in November 2023 [3][4] - The company shifted its focus to the Hong Kong Stock Exchange, submitting its prospectus in June 2022, which later expired, but successfully re-applied in February 2025 and received approval for overseas listing [4] Group 3: Financial Performance - Zhou Liufu's projected revenues for 2022, 2023, and 2024 are approximately CNY 3.102 billion, CNY 5.150 billion, and CNY 5.718 billion, respectively, with net profits of about CNY 575 million, CNY 660 million, and CNY 706 million during the same period [4] - As of the end of 2024, the company is expected to operate 4,129 stores, with 4,038 being franchise stores, accounting for 97.8% of its total outlets [4] Group 4: Market Considerations - The company acknowledged that significant increases in gold prices negatively impact consumer purchasing willingness for gold jewelry [4]

Core Viewpoint - Zhou Liufu Jewelry Co., Ltd. (周六福) successfully listed on the Hong Kong Stock Exchange, closing at HKD 30.00, a 25% increase from the final offering price of HKD 24.00 [1][3]. Group 1: IPO Details - The total number of shares offered was 53,829,200, with 23,404,000 shares allocated for public offering and 30,425,200 shares for international offering [2]. - The total proceeds from the offering amounted to HKD 1,291.9 million, with a net amount of HKD 1,192.7 million after deducting estimated listing fees of HKD 99.2 million [3][4]. Group 2: Use of Proceeds - Approximately 50% of the net proceeds will be used to expand and strengthen the company's sales network [4]. - About 20% will be allocated to enhance brand recognition [4]. - Another 20% will be directed towards improving product supply and design capabilities, while 10% will be used for working capital and general corporate purposes [4]. Group 3: Financial Performance - Zhou Liufu's revenue for 2022, 2023, and 2024 is projected to be RMB 3,101.7 million, RMB 5,149.6 million, and RMB 5,718.2 million, respectively [5][6]. - The net profit for the same years is expected to be RMB 575.2 million, RMB 659.7 million, and RMB 706.3 million, respectively [5][6]. - The gross profit margin has been declining, recorded at 38.7% in 2022, 26.2% in 2023, and 25.9% in 2024 [6][7]. Group 4: Market Challenges - The company faces challenges due to high gold prices, which have affected consumer sentiment and led to a cautious approach among consumers [7]. - There is a trend among some retailers to shift focus from gold jewelry to promoting platinum products in response to fluctuating gold prices [7].

Core Viewpoint - Zhou Li Fu has successfully completed its long-awaited IPO journey, officially listing on the Hong Kong Stock Exchange, marking a significant milestone for the company founded by the Li brothers [1][3]. Company Overview - Zhou Li Fu, established in 2004, is a prominent Chinese jewelry brand engaged in the research, design, production, and sales of jewelry, operating through both offline stores and online channels [5][9]. - The company originated from the Shenzhen Luohu area, known for its concentration of jewelry businesses, and has grown to become a major player in the industry [5][9]. IPO Details - The IPO price was set at 24 HKD per share, with the stock opening at 26.7 HKD, reflecting a rise of over 10% [3]. - As of 10:37 AM on the listing day, the stock price reached 27.45 HKD, marking a 14.38% increase and a total market capitalization exceeding 118.73 billion HKD [3]. Financial Performance - Zhou Li Fu's revenue has shown strong growth, with figures of 31.02 billion RMB in 2022, 51.50 billion RMB in 2023, and 57.18 billion RMB in 2024, representing a compound annual growth rate (CAGR) of 35.8% [13][17]. - The net profit for the same years was 5.75 billion RMB, 6.60 billion RMB, and 7.06 billion RMB, with a CAGR of 10.8% [13][17]. - Despite the growth, the company experienced a significant slowdown in revenue growth from 66% to approximately 11% in 2024, indicating a potential decline in growth momentum [17]. Business Model - Zhou Li Fu primarily operates through a franchise model, with 97.8% of its 4,129 stores being franchisee-operated, which contributes to 90.5% of its total revenue [17][18]. - The company has been adjusting its business structure to reduce reliance on franchise income, with online sales contributing significantly to its revenue [18]. Market Position - Zhou Li Fu is the only major jewelry brand among its peers, such as Chow Tai Fook and Lao Fu Huang, that has not been publicly listed until now [20]. - The current market environment for gold and jewelry is favorable, with rising consumer demand, positioning Zhou Li Fu to potentially become a standout stock in the market [21].

Core Viewpoint - Zhou Shifu's stock opened over 10% higher on its first day of trading in Hong Kong, currently priced at 26.7 HKD [1] Company Overview - Zhou Shifu was founded in 2004 and is recognized as one of China's leading jewelry brands [1] - The company is primarily engaged in the research and design, production and processing, chain sales, and brand operation of jewelry [1] - Zhou Shifu offers gold jewelry products and diamond-set jewelry through both offline stores and online sales channels [1]

本公告僅供參考，並不構成收購、購買或認購證券的邀請或要約。本公告並非招 股 章 程。有 意 投 資 者 應 先 行 閱 讀 周 六 福 珠 宝 股 份 有 限 公 司（「本公司」）所 刊 發 日 期 為2025年6月18日（星 期 三）的 招 股 章 程（「招股章程」）有 關 下 文 所 述 全 球 發 售 的 詳細資料，方決定是否投資於所提呈發售的H股。本公司未曾並將不會根據1940 年 美 國 投 資 公 司 法（經 修 訂）註 冊。 除非本公告另有界定，否則本公告所用詞彙與招股章程所界定者具有相同涵義。 發 售 股 份 的 有 意 投 資 者 務 請 注 意，聯 席 保 薦 人 及 整 體 協 調 人（為 其 本 身 及 代 表 香 港 包 銷 商）有 權 於 上 市 日 期（目 前 預 期 為2025年6月26日（星 期 四））上 午 八 時 正（香 港 時 間）前 的 任 何 時 間，於 招 股 章 程「包 銷 – 包銷安排及開支 – 香港公開發售 – 終 止 理 由」一 段 所 載 的 任 何 事 件 發 生 後 立 即 終 止 於 香 港 包 銷 協 議 項 下 的 責 任。 – 1 – 香 港 ...

Group 1 - The company, Chow Tai Fook, has set the IPO price for its shares in Hong Kong at HKD 24 per share [1] - The net fundraising amount is HKD 1.29 billion [1] - The retail portion of the offering received an oversubscription of 711.11 times [1]

香 港 交 易 及 結 算 所 有 限 公 司、香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）及 香 港 中 央 結 算 有 限 公 司（「香港結算」）對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 所 產 生 或 因依賴該等內容而引致的任何損失承擔任何責任。 本 公 告 不 會 直 接 或 間 接 於 或 向 美 國（包 括 其 領 土 及 屬 地、美 國 任 何 州 以 及 哥 倫 比 亞 特 區）發 佈、刊 發 或 派 發。本 公 告 並 不 亦 無 意 構 成 亦 不 屬 於 在 美 國 境 內 或 於 任 何 其 他 司 法 權 區 購 買 或 認 購 證 券 的 任 何 要 約 或 招 攬 的 一 部 分。發 售 股 份 並 無 亦 不會根據1933年 美 國 證 券 法（經 不 時 修 訂）（「美國證券法」）或 美 國 任 何 州 或 其 他 司 法權區的證券法登記，且不會於美國境內提呈發售、出售、質押或以其他方式轉 讓，惟 獲 豁 免 遵 ...

今年上半年，港股"股王"老铺黄金（06181）股价一度触及高点1015港元，截至6月25日收盘，该股年内涨幅近270%，上市以来累计飙升超倍，成为资 本市场的现象级案例。市场普遍关注的是，同样聚焦高端黄金产品、且渠道下沉能力更胜一筹的周六福（06168），能否复制老铺黄金的估值神话？ 根据智通财经APP了解，周六福暗盘平开高走，涨幅曾高达15.21%，收涨12.92%，报27.1港元，成交额1.55亿港元，总市值115.32亿港元。每手100股， 不计手续费，每手赚310港元。 594倍超额认购备受资金追捧 触发套路回拨难挡"入通"势头？ 公开资料显示，周六福此次IPO计划全球发售4680.8万股（占全球发售完成后11%，另有15%发售量调整权），其中香港发售468.08万股，国际发售 4212.72万股，另有15%超额配股权，发售价为每股24.00港元，每手100股，预计募资总额11.23亿港元，IPO市值约为102.13亿港元。本次IPO保荐人为中 金公司和中信建投国际。 在本次IPO发行中，周六福总计引入8名基石投资者，累计认购约5.73亿港元——其中，深圳罗湖国资认购2亿人民币、永诚资本认购1.1亿港 ...

Core Viewpoint - Zhou Li Fu's IPO has received significant market interest, with a subscription multiple of 594.92 times and total subscription amount reaching 66.833 billion HKD [2][3] Group 1: IPO Details - Zhou Li Fu plans to globally offer 46.808 million shares at a price of 24 HKD per share, aiming for a net fundraising of approximately 1.024 billion HKD [3] - The company has attracted eight cornerstone investors, including Luo Hu Investment and Ling Bao Gold [3] Group 2: Market Performance and Comparisons - The high subscription amount for Zhou Li Fu's IPO is partly influenced by the strong performance of its industry peer, Lao Pu Gold, which has seen a continuous rise since its listing [3] - Other recent IPOs in the Hong Kong market, such as Chi Feng Gold, have also performed well, contributing to market expectations for Zhou Li Fu [3] Group 3: Company Overview - Founded in 2004, Zhou Li Fu is a well-known jewelry brand in China, engaged in the design, production, and sales of jewelry through both offline and online channels [3] - As of 2024, Zhou Li Fu operates 4,129 stores, ranking fifth among Chinese jewelry brands [4] Group 4: Financial Performance - Zhou Li Fu's revenue over the past three years has been 3.102 billion, 5.15 billion, and 5.718 billion CNY, with net profits of 575 million, 660 million, and 709 million CNY, respectively [4] - The company's net profit margins have shown a decline, recorded at 18.5%, 12.8%, and 12.4% over the same period [4] Group 5: Revenue Composition - The revenue of Zhou Li Fu primarily comes from self-operated sales, franchise service fees, and online sales, with franchise income being the largest contributor [5] - From 2022 to 2024, the franchise fee income accounted for 52.9%, 55.4%, and 50.5% of total revenue, respectively [5] Group 6: Legal Challenges - Zhou Li Fu has faced significant legal challenges regarding trademark infringement, including a lawsuit from Liu Fu Jewelry in 2015 and another from Chow Tai Fook and Liu Fu Group in 2021, resulting in a court ruling against Zhou Li Fu [5] Group 7: Pre-IPO Activities - Prior to its IPO in June 2024, Zhou Li Fu completed a final round of private financing and distributed substantial cash dividends, totaling approximately 1.394 billion CNY since 2020, with 945 million CNY in dividends for 2023 and 2024 [6]